“(Reuters) – Duke Energy Corp , the largest power company in the United States, posted a better-than-expected quarterly profit on Thursday due to benefits from its summer acquisition of rival Progress Energy.
For the third quarter, the company posted net income of $594 million, up from $472 million a year earlier. Earnings per share fell to 85 cents from $1.06 as shares outstanding increased 57 percent, due in part to the Progress deal.
Excluding charges to integrate Progress and other one-time items, Duke earned $1.47 per share. By that measure, analysts expected $1.45, according to Thomson Reuters I/B/E/S.
Chief Executive Jim Rogers said Duke is “on track” to hit its 2012 earnings forecast of $4.20 to $4.35 per share, and the integration of the two companies is progressing.”
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